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Abu Dhabi’s GDP At Current Prices Rises To AED226 Billion In Q1 2019 |
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Abu Dhabi's gross domestic product, GDP, at current prices for Q1 2019 rose by 3.3 percent to AED226 billion, compared to AED219 billion in the first quarter of 2018. The Abu Dhabi's GDP at constant prices rose to AED207 billion in the first quarter of 2019, compared to AED196 billion for the same quarter of 2018, a growth rate of 5.7 percent, according to a report from Statistics Centre Abu Dhabi, SCAD. Speaking on the occasion, Abdulla Ahmed Al Suwaidi, Acting Director-General of SCAD, said that the diversification policy adopted by the Abu Dhabi government has contributed to creating new tributaries for the national economy, which is now among the most highly developed economies in terms of readiness for production and development worldwide. The emirate has become a safe and attractive haven for the flow and strengthening of the national and foreign investment environment. For his part, Rashid Abdul Karim Al Balooshi, Acting Undersecretary of the Abu Dhabi Department of Economic Development, DED, said, "The remarkable growth in Abu Dhabi’s economy during the first quarter of 2019 was driven by the growth in the oil sector, while non-oil activities continued to post steady growth rates, underscoring the ability of the emirate's economy to stay strong." "This is due to the numerous development projects currently being implemented by the emirate’s government in multiple value-add economic sectors," he said. The government is working to consolidate public-private partnerships through the launch of various programmes as part of the Ghadan 21 programme, a AED50 billion three-year initiative driving economic development, innovation, ease of doing business and liveability in the UAE capital. One of the key tenets of the programme is to develop infrastructure, including transportation, communication and urban development. Mr. Al Balooshi pointed out that the emirate's GDP growth for the first quarter of the year came amid a series of moves taken to stimulate the business enviroment, including an exemption from licence fees for two years, which contributed to the continued expansion of economic activity in all sectors across the emirate. Abu Dhabi’s oil GDP also grew year-on-year at both current and constant prices, the report said. At current prices, oil GDP made up 39.8 percent of the emirate’s overall GDP in the first quarter of 2019, reaching AED89.9bn, an 11.6 percent increase from AED80.6bn in the first quarter of 2018. The oil GDP rate at constant prices also increased from AED94.7 billion in the first quarter of 2018 to AED106.8 billion in the first quarter of 2019, marking a rise of 12.8 percent. It contributed 51.6 percent of Abu Dhabi’s GDP during the first quarter of 2019. |
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